Raymond Realty Lands Mumbai Redevelopment Deal, Eyeing Over Rs 2,000 Crore in Revenue
Raymond Ltd announced that its real estate arm, Raymond Realty, has been chosen for the redevelopment of MIG VI CHS Ltd in Bandra East, Mumbai. The board of Raymond Ltd has given the green light for this project. "Raymond Realty was selected for this redevelopment project with 100% support from the society's members," according to the filing.
According to Harmohan Sahni, CEO of Raymond Realty, added, "Bandra hasn't seen a project of this scale in a long time”. The company expects this project to bring in more than Rs 2,000 crore in revenue.
Earlier, Raymond Realty had signed three joint development agreements for projects in Mahim, Sion, and Bandra, valued at over Rs 5,000 crore. With this redevelopment project , the total estimated value of all their ongoing projects in Mumbai will be around Rs 7,000 crore.
Raymonds Realty, new project is designed to offer living in a gated community with world-class amenities in a location like Bandra East, which also boasts excellent connectivity to domestic and international airports. It's another step forward following the success of our previous projects.This new project fits perfectly with the company's ambitious growth plans for real estate development in the Mumbai Metropolitan Region.
Raymond's Remarkable Rise: Unraveling the Surge in Share Prices
Raymond's hare prices have taken off, jumping over 48% since the start of the year and almost 55% in the past year. So, what's driving this surge? Well, it all comes down to the company's solid financial performance. In the fourth quarter of FY24 alone, Raymond saw an 18% year-on-year increase in net profit and a 23% jump in revenue. Their EBITDA also climbed by 36% year-on-year.
But the real game-changer has been their move into real estate. Investors are excited about these developments and the company's strategic growth plans. Their impressive financial results and ambitious real estate projects make them a strong contender with a bright future ahead.
